Bridging Loan Solicitors
At Elite Law Solicitors, our expert bridging loan solicitors regularly act for borrowers of short-term finance including bridging loans, development loans and commercial mortgages.
CORONAVIRUS / COVID-19: We are continuing to provide a full service. We offer remote meetings by telephone or video conferencing software such as Zoom, Skype and Facetime if required.
As an alternative to traditional bank finance, short term loans often referred to as bridging loans are becoming increasingly popular with landlords, developers and homeowners alike to ‘bridge’ gaps in funding. Examples include:
- Securing the purchase of a property before the sale of another
- Purchasing a property not suitable for a conventional mortgage
- Completing an auction purchase within required timescales
- Finishing off refurbishment works and/or minor developments
- Refinancing and/or consolidating existing debts
A bridging loan is a short-term secured loan, usually with a repayment term of between 6-24 months. Typically offered by smaller, more nimble lenders, bridging loans offer a faster way to access finance without having to deal with the long waiting times and layers of bureaucracy associated with institutional lenders.
However, the trade-off is that bridging loans are more expensive than conventional mortgages or term loans, so it important that borrowers have exit-plans in place to ensure repayment of the bridging loan as early as possible.
If you would like to discuss your requirements with one of our experienced bridging loan solicitors please call us on 0800 086 2929, email email@example.com or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion.
Development loans are used to fund larger-scale developments, from £200,000.00 refurbishments or conversions to multi-million pound new-build projects. Development loans can be used for residential, commercial and mixed-use properties, and can be applied for by both experienced and first-time developers. Depending on the nature and timing of the building works, development loans are occasionally offered up-front in full by the lender but it is more normal for the loan to be drawn down in tranches, with fixed amounts being made available at various stages of the works.
How Our Expert Bridging Loan Solicitors Can Help
We have a specialist team of property lawyers who regularly act for borrowers of short term secured finance ranging from £30,000.00 bridging loans to multi-million pound development finance. We are familiar with lenders’ usual requirements and understand the importance of working closely with clients and their brokers to ensure a rapid and smooth completion. Our teams are based in Sussex and Buckinghamshire but we regularly travel to meet clients in and around London and the Home Counties.
An experienced commercial property solicitor will have an initial consultation with you, free of charge, to discuss your situation in more detail. Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you. We will also provide you with a price quotation and a choice of funding methods at the outset.
Make A Free Enquiry
Call 0800 086 2929, email firstname.lastname@example.org or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion and let one of our experienced bridging loan solicitors explain your legal rights and options.